Elizabeth Holmes's partner raises millions for AI health start-up
What's the story
Billy Evans, the partner of Theranos founder Elizabeth Holmes, has raised millions of dollars for his new health tech start-up.
The company, called Haemanthus after the Greek word for "blood flower," hopes to transform medical testing and more with the power of artificial intelligence (AI).
Even though she is serving time at a federal prison in Bryan, Texas, Holmes has been advising Evans on the venture.
Team composition
Haemanthus team comprises former Luminar Technologies employees
The fledgling start-up includes a dozen people, some of whom had previously worked with Evans at Luminar Technologies, a company that focuses on building sensors for self-driving cars.
Most of the initial funding for Haemanthus has come from Evans's friends, family, and other supporters.
Holmes's participation in her partner's biotech venture is especially surprising given her current federal prison sentence for fraud in a related field.
Legal challenges
Holmes maintains her innocence amid ongoing legal battle
Holmes, who is currently serving an 11-year sentence for misleading investors about Theranos's faulty technology, continues to fight her conviction from prison.
A federal appeals court recently upheld her conviction.
Along with her fraud conviction, a separate investigation by the Securities and Exchange Commission (SEC) led to a 10-year ban on Holmes from serving as an officer or director of any public company.
However, this does affect her ability to help run a private company such as Haemanthus.
Tech innovation
Haemanthus utilizes light detection technology for medical tests
Haemanthus is still in its infancy, using light detection to guide AI sensors to perform medical tests.
The company is working on Raman spectroscopy, a technique that has proven effective in diagnosing diseases such as ALS and some cancers.
The January patent granted to the company indicates that this light detection tool can be used to test a range of biological materials like sweat, urine, saliva, and even small blood samples.